{"id":16786,"date":"2026-10-26T12:18:50","date_gmt":"2026-10-26T06:48:50","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16786"},"modified":"2026-10-26T12:18:52","modified_gmt":"2026-10-26T06:48:52","slug":"jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/","title":{"rendered":"JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"The_funding_traces_back_to_a_Rs_12915_crore_deal_for_Akzo_Nobel_India_that_made_JSW_Paints_the_fourth-largest_paint_company_in_India_The_bond_sale_is_the_next_step_in_paying_for_it\"><\/span><strong>The funding traces back to a Rs 12,915 crore deal for Akzo Nobel India that made JSW Paints the fourth-largest paint company in India. The bond sale is the next step in paying for it.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>JSW Paints is likely to raise funds through bonds maturing in four and five years, with a sale expected in the next couple of weeks, two merchant bankers with direct knowledge said on Thursday. The proceeds are likely to refinance an earlier fundraise the company put towards its acquisition of Akzo Nobel India. JSW Paints did not comment to Reuters.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#The_funding_traces_back_to_a_Rs_12915_crore_deal_for_Akzo_Nobel_India_that_made_JSW_Paints_the_fourth-largest_paint_company_in_India_The_bond_sale_is_the_next_step_in_paying_for_it\" >The funding traces back to a Rs 12,915 crore deal for Akzo Nobel India that made JSW Paints the fourth-largest paint company in India. The bond sale is the next step in paying for it.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#JSW_Paints_Bond_Issue_Key_Details\" >JSW Paints Bond Issue: Key Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#What_Is_Being_Refinanced\" >What Is Being Refinanced<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#Background_The_Akzo_Nobel_India_Deal\" >Background: The Akzo Nobel India Deal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#Why_Indian_Companies_Are_Turning_to_Bonds_for_Acquisitions\" >Why Indian Companies Are Turning to Bonds for Acquisitions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#Higher_Rates_Add_a_Pricing_Test\" >Higher Rates Add a Pricing Test<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#What_to_Watch_Next\" >What to Watch Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"JSW_Paints_Bond_Issue_Key_Details\"><\/span><strong>JSW Paints Bond Issue: Key Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Issuer<\/td><td>JSW Paints<\/td><\/tr><tr><td>Reported size<\/td><td>About 30 billion rupees (Rs 3,000 crore), or roughly $317 million<\/td><\/tr><tr><td>Tenors<\/td><td>Four and five years<\/td><\/tr><tr><td>Timing<\/td><td>Within the next couple of weeks<\/td><\/tr><tr><td>Purpose<\/td><td>Refinancing Akzo Nobel India acquisition funding<\/td><\/tr><tr><td>Source<\/td><td>Two merchant bankers; the company has not commented<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_Being_Refinanced\"><\/span><strong>What Is Being Refinanced<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Reports link the refinancing to bonds raised in November 2025. JSW Paints sold 33 billion rupees of five-year bonds to foreign banks and investors, and holders can request repayment after one year. The securities are due for redemption on November 10, 2030, and the company\u2019s legal adviser said some proceeds were meant to fund the purchase of Akzo Nobel India shares.<\/p>\n\n\n\n<p>That repayment option matters. If the new bonds carry no such option, one analysis notes, the debt\u2019s real maturity would be pushed out, and the risk of a large rollover at once would fall.<\/p>\n\n\n\n<p><strong>L(earn) More:<\/strong><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/asset-cover-ratio-explained-how-much-security-really-backs-your-ncd\/\" aria-label=\"Asset Cover Ratio Explained: How Much Security Really Backs Your NCD?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Asset Cover Ratio Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/asset-cover-ratio-explained-how-much-security-really-backs-your-ncd\/\">Asset Cover Ratio Explained: How Much Security Really Backs Your NCD?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/\" aria-label=\"JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"JSW Paints Plans 4- and 5-Year Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/\">JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/\" aria-label=\"YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"YES Bank AT1 Bond Verdict\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/\">YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Background_The_Akzo_Nobel_India_Deal\"><\/span><strong>Background: The Akzo Nobel India Deal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JSW Paints announced a Rs 12,915 crore deal for the Dulux maker in June 2025: a 74.76% stake for Rs 8,986 crore, plus an open offer for up to Rs 3,929.06 crore.<\/li>\n\n\n\n<li>The deal was announced as making JSW Paints the fourth-largest player in India\u2019s paint industry.<\/li>\n\n\n\n<li>Akzo Nobel put the enterprise value at about 1.4 billion euros, or roughly 22 times EBITDA.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Indian_Companies_Are_Turning_to_Bonds_for_Acquisitions\"><\/span><strong>Why Indian Companies Are Turning to Bonds for Acquisitions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Indian companies have been using the bond market to fund acquisitions in recent months, helped by robust investor demand. They raised about 8.5 trillion rupees through private placements in the first nine months of the year, including 1.43 trillion rupees in September, the highest monthly total in more than six years, according to Prime Database.<\/p>\n\n\n\n<p>Highly rated state-run borrowers and companies financing large acquisitions are expected to carry that momentum forward, and bankers say this could be a record year for supply, barring unforeseen volatility. Bankers have also described borrowers as keen to lock in rates.<\/p>\n\n\n\n<p>Overseas conditions are tougher. Asia-Pacific dollar bond yields had touched 6.1% by October 6, their highest since 2024, and higher borrowing costs were making it harder for companies to proceed with deals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Higher_Rates_Add_a_Pricing_Test\"><\/span><strong>Higher Rates Add a Pricing Test<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Borrowing costs are moving up. The RBI raised the repo rate by 25 basis points to 5.5% on October 7, its first increase since February 2023, and shifted to a \u201ccalibrated tightening\u201d stance. Investors will also look at leverage. A 2025 rating report said JSW Paints\u2019 external debt-to-operating profit ratio would stay above four times in the medium term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Watch_Next\"><\/span><strong>What to Watch Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key things to watch are the final size and pricing of the issue, including how the cost compares with the existing bonds, and whether investors take up both the four- and five-year tranches. The response will also show whether strong demand for acquisition-linked debt can hold as rates rise and whether other acquirers follow with similar refinancing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: The funding traces back to a Rs 12,915 crore deal for Akzo Nobel India that made JSW Paints the&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt<\/title>\n<meta name=\"description\" content=\"JSW Paints plans to issue 4- and 5-year bonds to refinance debt linked to its Akzo Nobel India acquisition. 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